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Turtle Beach Q1 loss widens YOY

Turtle Beach Corp. said its first-quarter normalized net income came to a loss of 20 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 19 cents per share.

The per-share loss increased year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $8.5 million, compared with a loss of $2.8 million in the year-earlier period.

The normalized profit margin declined to negative 43.3% from negative 7.4% in the year-earlier period.

Total revenue decreased 48.6% on an annual basis to $19.7 million from $38.3 million, and total operating expenses fell 17.3% from the prior-year period to $31.9 million from $38.6 million.

Reported net income came to a loss of $10.5 million, or a loss of 25 cents per share, compared to a loss of $3.0 million, or a loss of 9 cents per share, in the year-earlier period.